The ESM approves short-term Greek debt relief measures

The ESM approves short-term Greek debt relief measures

Short-term Debt Relief measures

 Brussels, Jan 23 (EFE) .- The European Stability Mechanism (ESM) reported today that it has approved the rules to implement the short-term debt relief measures of Greece agreed within the third financial bailout to the country.

“The measures approved by the ESM and the European Financial Stability Facility (EFSF) are an important step towards improving the sustainability of the Greek debt,” said the managing director of the ESM, Klaus Regling, in a statement.

The management boards of the ESM – eurozone permanent rescue fund – and the EFSF – temporary fund – gave their approval to the measures with a written procedure that ended on January 20.

The measures consist mainly of an extension of the maturities of the second redemption loans, actions to reduce the risk associated with changes in interest rates and the cancellation of a margin of guarantee that Athens should start paying in 2017.

Regling said that, “once fully implemented,” these measures “should lead to a cumulative reduction in the debt ratio of Greece in relation to its GDP of around 20 percentage points to 2060” and a fall of almost 5 points in GDP. your total financing needs in the same period.

However, Regling stressed that “ultimately the success of the program lies in the continuation of the implementation of the reforms by the Greek Government.”

“This substantial debt relief has no budgetary implications for the member states of the ESM,” added the director of the institution.


In particular, the ESM approved three schemes aimed at reducing the risk to Greece linked to changes in interest rates.


Interest Rate

The first will consist of the exchange of variable-rate obligations received by Greece from the ESM to recapitalize its banking sector (worth 42,700 million euros) for fixed-coupon obligations, and a similar scheme will also be applied for variable-rate bonds disbursed by the EFSF.

For the second, “swap agreements” -pass transaction contracts- will be signed between the ESM and Greece, which will reduce the risk that the country will pay more for its loans if interest rates start to rise.

The last one will be a compensated financing system for which a fixed rate will be charged in part of the future disbursements to Greece.

On the other hand, the collection of a guarantee margin of 2% will be canceled for a tranche of aid of 11,300 million euros of the second rescue that was scheduled to be introduced in 2017.

With regard to smoothing the conditions for the repayment of certain loans, which consists of extending the maturity of the second bailout from 28 years to 32.5 years, “it is expected to be completed by the end of January” this year , indicated the ESM.

The countries of the eurozone arrived on December 5 to agree on these measures, which will be applied between the end of the first review of the third rescue – already closed – and the end of the program scheduled for mid-2018, but the ESM still had to decide on implementation.

The approval of the ESM – creditor of Greece along with the European Commission and the European Central Bank – comes on the eve of Thursday on the Eurozone’s ministers of Economy and Finance discuss in the Eurogroup the situation of the third rescue to Greece, and in particularly the lack of progress to close the second revision of it.


Accident, illness or theft can hit anyone – even during the best days of the year

Accident, illness or theft can hit anyone – even during the best days of the year

Holiday and insurance coverage therefore belong directly to many Germans. Two-thirds of German tourists (68 percent) usually do not travel without travel or international health insurance. Every second person starts off on holiday with a cancellation and cancellation insurance. 80 percent have a private liability insurance. This was the result of a representative forsa survey commissioned by CosmosDirekt. 1 The leading online insurer gives tips on which insurance policies are important and why.

Flip-flops, passports, sunglasses – the bags are packed, the holiday can begin. So that the journey into the distance does not end in a financial fiasco, the appropriate insurance cover belongs in the suitcase. According to a recent survey by CosmosDirekt, every fifth German had to cancel their booked holiday once. “Those who do not have adequate insurance coverage may have to pay the costs themselves,” says Sabine Kreutzer-Martin, insurance expert at CosmosDirekt. She therefore advises travelers to inform themselves in good time before the trip. “Insurance companies do not compensate for missed holiday pleasures, but at least protect against the financial consequences.” But which insurance will take effect when? The expert answers the most important questions about travel cancellation insurance & Co. – and explains with five concrete examples, when they jump in.

graphic insurance protection-vacation-integrated in-text

1. Private liability insurance: Secured in case of mishaps worldwide
“It does not matter if you are on a bike trip in Tuscany or on a beach holiday on the North Sea coast – a mishap can happen anytime, anywhere, even on holiday. The private liability insurance jumps in, if the insured accidentally harms others or unintentionally damages something – usually worldwide. If you do not insure yourself, you have to adhere to all your assets in the worst case. For example, if during a bike ride out of carelessness another person is injured. Tip: It is worthwhile to compare the services of the providers exactly, not all insurances cover damage in hotel rooms or rented apartments. “The customer review has been automatically translated from German.

2. Household insurance: protection against thieves – even on vacation
“The hotel room is broken up and the valuables stolen – a nightmare for every vacationer. However, it is not absolutely necessary to secure the suitcases. Because what many travelers do not know: even abroad, the luggage in the hotel room or holiday home is usually covered by the household contents insurance up to a certain amount. The protection intervenes when burglars forcibly enter the holiday home and steal valuables. Even in case of loss or damage of valuables caused by fire, storm, hail or robbery at the resort, the domestic household contents insurance applies. “

3. Private accident insurance: If you like being active, you should take precautions
“71 percent of Germans like to be active on holiday.” Especially those who do sports should protect themselves against the consequences of a serious injury – for example, against a fall while mountain biking. For accidents that happen during leisure time or on vacation are not covered by the statutory accident insurance. A private accident insurance compensates for loss of income in an emergency and pays for example expensive drugs, a disabled home remodeling or a domestic help. Depending on the contract, the insured person receives a single fixed amount or a monthly pension for life. “

4. Travel Health Insurance: Ill on vacation – well taken care of and well back
“Getting sick on vacation is especially annoying. One in four has already experienced this. 2 It is advisable to take out a travel health insurance so that the health complaints are not followed by painful financial burdens. For example, it covers the costs of a possible return transport as well as medically necessary medical treatment (eg hospital stays or medication) abroad. Tip: If you travel longer than eight weeks, should take care of a long-term health insurance abroad. It protects travelers for up to five years. “

5. Cancellation and Cancellation Insurance: Cancellation without loss
“A sick child, a bereavement in the family – there are many reasons why a trip can not be started or stopped as planned. Every fifth holidaymaker had to cancel an already booked trip. 3 Anyone who has previously taken out travel cancellation and cancellation insurance is on the safe side. It pays either the cancellation fees or the return travel costs, if the holiday must be terminated spontaneously in case of cases. “

  • Protection when traveling: enjoy the holiday carefree! 176 KB

  • Graphic insurance protection on holiday 69 KB

  • 1 Representative forsa survey commissioned by CosmosDirekt, March 2013. Surveyed were 1,001 people planning to travel in 2013.

  • 2 Representative forsa survey commissioned by CosmosDirekt, 2012.

  • 3 Representative forsa survey commissioned by CosmosDirekt, March 2013. Surveyed were 1,001 people planning to travel in 2013.

  • t of the German tourists conclude travel cancellation insurance

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  • German tourists would like to get help from Jürgen Klopp and Barbara Schöneberger in a car breakdown or accident

  • Number of the week: 27% of Germans would most like to be helped by Jürgen Klopp in case of a car breakdown or an accident while driving on vacation

The beginning of the beginning of the end of banking?

 A bank is nothing more than an intermediary : it collects the money that Manuel deposits, to which it offers a low interest to keep it, and it lends it to María, to whom it charges a greater interest to leave it to him. Staying with a pinch for the service , of course, that over time has been transformed into a paste goose. Well, disintermediation is one of the obvious uses of the Internet, so it took a long time to appear a financial ‘disintermediary’.

And it’s here, reports The New York Times . It is called, and not only eliminates the broker, allowing person to person loans, but consolidates several loans in one through an auction system similar to eBay. Bearing in mind that some types of financial loans (cards, personal loans) may have interests close to 20%, it is not difficult to get that magic (and that receives something). The key is that the company reviews the credit history of the borrowers and is responsible for pursuing the defaulters on behalf of the lenders. In Great Britain a similar service,, has achieved 50,000 registered in less than a year. As little this type of credit cooperatives, to consolidate, can begin to awake to the conventional bank , that needs the competition. And treat your customers better, or they will lose it.



  1. >

    Of course, the banks guarantee you the return of your money when you ask for it … .. Corralito, corralito.

    30 November -0001 | 0:00

  2. >

    “A bank is nothing more than an intermediary (…) disintermediation is one of the obvious uses of the Internet, so it took a long time to appear a financial ‘disintermediary’ (…) not only eliminates the intermediary, allowing person-to-person loans, but consolidates several loans in one through an auction system similar to eBay “(Vía Retiario)

    February 14, 2006 | 16:41

  3. >

    Will the banks adapt to the times or will they try to perpetuate their business model regardless of who falls? Because the entertainment industry is a flea next to banks. We’ll see where the legislation is going.

    February 14, 2006 | 18:19

  4. >

    The problem is risk, I lend low to the bank because I believe that when the time comes to return it will do so on date and without problems. In the case of Prosper, who returns the money, the other individual or Prosper? be, do you have the same credit as a bank? If there is more risk, I will demand more interest to cover you.

    February 14, 2006 | 19:43

  5. >

    Dear Gorki: The main difference between the Prosper and Zopa markets and the Spanish one is that both in the US and in the United Kingdom they have credit evaluation agencies that are independent of the banks, whose valuations are respected by all. Regarding defaults Prosper and Zopa do not take charge; It is a personal loan. What these companies do is to manage that companies specialized in recovering debt, if necessary. Of course, the interest will depend on the risk of default; that is why each lender makes his offer of interest to be paid, depending on what is trusted. In the end what the banks sell is trust … or seen in another way, information: they know where to find cheap money to lend it expensive, and they charge us for that information differential. Prosper and Zopa try to cheapen that margin. Thanks for your attention, and a greeting.

    February 14, 2006 | 20:25

  6. > >> P2P Investments (…) what I like the most is the P2P investment concept. A concept that I understand can be much more ambitious than simple loans between individuals. There are many financial alternatives that could be made P2P with adequate legal and technological bases. (…)

    February 16, 2006 | 19:17

  7. >

    What are the possibilities of a personal credit of 50000 dollars, I live in Puerto Barrios, Guatemala, Central America, payment place, etc

    01 August 2006 | 23:16

Comments are closed


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Cuba faces its future between political continuity and the inevitable economic reforms

Cuba faces its future between political continuity and the inevitable economic reforms

  • The IV Congress of the Communist Party confirmed the resignation of Fidel Castro as first secretary, but reaffirmed the old guard.
  • The influence of the Cuban ex-leader is still strong.
  • The population, between expectant and suspicious before a timid economic opening that tries to keep afloat socialism.
  • How the island has changed in five years and what awaits you in the next five.

An old woman walks through the Plaza de la Revolución in Havana, on the eve of the 50th anniversary of the victory of Playa Girón and the start of the VI Congress of the Communist Party of Cuba. Alejandro Ernesto / Efe

For now, nothing of revolution. The only revolution will continue to be the one that has always been. Cuba will face the next five years immersed in political continuity, at least as long as it holds the (increasingly) old guard.

Fidel Castro has stopped being the head of the Party, but he is still there. And Raul, his brother and current president of the country, thinks to stay in his line: There will be reforms, yes, but only economic ones. A matter of mere survival and trying to save as much as possible the socialist system through a timid market economy to the Cuban, a kind of low profile pseudocapitalism . To this end, a new term has been invented, the “cuentapropismo”, or, what is the same, the possibility of working on its own. The expression “private initiative” remains, for now, in the realm of taboo.

This Tuesday, in celebration of the 50th anniversary of the historic victory against the United States in the Bay of Pigs (Playa Girón), concluded the VI Congress of the ruling (and only) Communist Party of Cuba, an event in which, perhaps naively, The critics of the regime had placed some hopes of change. In the end, however, few surprises. As expected, Raúl Castro (79 years old) was elected to replace his brother Fidel as first secretary of the party, the only one who had held the post since its foundation in 1965 until now.


Fidel’s shadow continues to have an inhibiting effect on those who now take the reins of the island At 84 years old, Fidel, who attended the Congress wearing his traditional tracksuit jacket, among the equally traditional ovations of the delegates, moves away little by little from public life, but the shadow of the commander is still projected strongly.

Although he left power in 2006, his mere presence, his legacy and, especially, the opinions that he still pours from time to time in interviews and, regularly, through his articles in the newspaper Granma, still represent a real effect inhibitor for those who now carry the political reins of the island.

As a first and fundamental sign of continuity, the maintenance of the aforementioned old guard: The appointment of the first vice president, José Ramón Machado Ventura (80 years old and hardline communist), as number two, thwarted the recommendation he had made previously Raul Castro himself to limit the time of the people in the positions to “rejuvenate” the leadership of the party, and questioned his criticism of the inability to achieve a generational replacement after half a century in power.

The new Political Bureau, of 15 members, includes six generals of the lifetime and several members who are around 70 years. More than 60% of the apparatus is composed of general or historical, something that does not satisfy Raúl, for whom everything is due to the “errors” committed by the Communist Party and its failure to form young cadres “properly prepared.”

More than 300 economic reforms

Another thing, however, was economics. After all, that was the true objective of the Congress, taking into account that the political changes were little less than discarded.

The Congress, which lasted four days and gathered about 1,000 delegates, wanted to convey to the population the message that the Party has taken seriously the need to seek solutions to the deep crisis suffered by the island and, although not has dared to embrace, far from it, ‘capitalism’ in the Chinese way (total economic opening with a political lock), it has approved more than 300 reforms aimed at modernizing the stagnant economy of the country.

The measures, however, could not wait too long either: Cuba, very dependent on short-term loans to finance its imports of food and fuel, with great difficulties to obtain credit and with a debt of close to 11,000 million dollars, It has recovered from the disastrous last year, which was hit hard by the international financial crisis, the US embargo, the aftermath of the 2008 hurricanes, the fall in nickel prices in 2009 – its main export product – and the decrease in income from tourism.

In this sense, Raul Castro, who since he came to power in 2008 has insisted on the need to gradually transform the economic model, said his government will try to “improve the lives of Cubans” and criticized the “excess of paternalism that has reigned for half a century “.

Bobbin lace between socialism and the market

The approved reforms include the end of the ration card, the gradual reduction of more than one million state jobs (the cut of some 500,000 is already underway, the largest adjustment of officials in 50 years), the expansion of the private sector, the increase in foreign investment and the granting of greater autonomy to nearly 3,700 state-owned companies that have been inefficient for decades. The expansion of bank loans is also planned to boost the private and cooperative sector.

The reforms include the gradual reduction of more than one million state jobs. It will not be easy. On the one hand, the government will have to find what appears to be a complicated balance between pure and simple socialism and economic openness (Congress gave the green light to decentralization, but at the same time remained firm in not abandoning the path of state planning) . On the other hand, some measures, such as cutting food subsidies, which Castro considered an “unbearable burden” for the economy, have been received with concern by many Cubans, who have been forced to subsist for years with very low wages.

Perhaps for that reason, the president stressed that things will be done “without haste but without pause”. The emblematic free health and education services will be maintained, and the subsidies, he said, will be withdrawn to the products, but not to the people. To clear up any doubts, Castro made it clear that he assumes his new role as first secretary of the party “with the commitment to defend socialism and never allow the return of the capitalist regime.”

It is, in short, what the Cuban communists have dubbed the “updating of socialism”, a path that aims to progressively generalize concepts such as taxes, microcredits, hiring between individuals (in a historical measure, the Cubans will be able to sell cars and houses among them), or the already famous “cuentapropismo”, that is, the possibility of working on their own.


The new regulations on “self-employment” were published a few months ago and, since then, little is said about anything else on the island. The document in question contains the list of the 178 activities in which you can work on your own, and details that 83 of them will even allow the hiring of employees . All a novelty that has awakened as much expectation as misgivings. People are concerned, above all, about the taxes that are coming: A special tax plan will apply to “self-employed workers”, to whom, among other things, a “personal income tax” will apply, ranging from 25% to 50%, depending on the annual rent.

With these measures, the Government expects 250,000 Cubans to join their self-employment or “self-employment”, an activity that at the end of 2009 already employed some 144,000 inhabitants of the island. And with this increase in private economic activity, the Cuban State expects to increase its tax revenues this year by 1,000 million dollars, always according to official data.

Many, yes, they will have to learn the trade, in a Cuba in which lawyers and engineers abound, but technicians and manual workers are lacking.

Towards a new Cuba?

Five years ago, Cubans could not afford to stay in hotels, buy appliances for private use, own a personal computer or even have a mobile phone. Today they can do all that and, in addition, the private initiative has been gaining more and more margin and is underway an unprecedented distribution among the peasants of the idle lands of the State.

In addition, the US blockade , which remains a serious obstacle to the economic development of the island, has softened a bit, and, depending on the political changes that may come in the future, could be lightened further. In 2009, the newly inaugurated government lifted the existing restrictions so that US citizens with relatives in Cuba traveled freely to the island and sent them money or gifts, and allowed the US telephone companies and the media operate in the Cuban market and provide network coverage to the island.

They are small changes, but they are happening, and the reforms approved now, that the opposition to the regime and many economic analysts have described as mere patches, could, nevertheless, open political doors in the medium or long term that the Cuban Government may not have known to calculate.

The challenges, starting with respect for human rights and following an evolution from current totalitarianism towards a democracy that can integrate the achievements of the revolution, are many, but at the same time, the generational change necessary to face them is inevitably , closer and closer.

Vara defends that "the best way" to achieve a fair regional financing system is "to put an end to the fronts"



Vara en el pleno

Rod in the full ASSEMBLY

In that sense, Fernandez Vara has considered that the “greater ally” of Extremadura in the autonomic financing must be the minister of Property, Cristóbal Montoro. “Therefore, while others are taking pictures, I am going to negotiate with Mr. Montoro, which in the end is what is involved in a country, which needs everything except the fronts,” he said.

Thus, Vara has warned that “if someone wants to have Extremadura to do fronts, that they put themselves in the queue, because we are not going to do it,” he said.

Guillermo Fernandez Vara has pronounced this way this Thursday in the plenary session of the Assembly of Extremadura following a question of the president of the Popular Group, José Antonio Monago, on “what alliances are building Extremadura in the face of the negotiation of the new model of regional financing “.

In the formulation of his question, the president of the PP of Extremadura recalled that although at present, the Extremaduran chief executive complained “bitterly” of the current model of regional funding, when it was signed, he “swallowed” and “was agreement “with that system, but” now everyone complains, especially the socialist presidents, “he said.

Monago has referred to the meeting held this week between the presidents of Galicia, Aragon, Castilla y León and Asturias, who have “similar problems” to those of Extremadura, in a meeting in which Fernández Vara did not participate.

A fact that the leader of the extremeño PP has blamed Fernandez Vara “is alone in this matter”, and “can not be in a photo because they do not trust” him, because “if not, it has no logic” that the Extremaduran president was not in this meeting.

“You finally talk to the Galician socialists in the opposition, and to Valencia, which has other problems,” Monago said to Vara, after what he said he was “worried” that the president of Extremadura “is alone in this matter”.

“We have to worry everyone, because we are playing the rooms, we are definitely playing the financing of our autonomous community”, after what has reaffirmed Monago Vara “is not negotiating with Mr. Montoro.”


For its part, Vara has reaffirmed that currently Spain “needs everything except the fronts,” as he has warned, “basically when the north is against the south, when the east is against the west, and when everyone is against everyone, “this country” there is no one who governs it. “

In that sense, Vara has pointed out that his way of doing politics “is not to permanently establish fronts in this country, because if not, there is no one to govern it”, after which he warned that “if someone wants to have Extremadura to make fronts, to put in the queue, because we’re not going to do it, “he said.

“I do not like photos, I prefer work”, said Vara, who has revealed that this week he has spoken with three regional presidents and next week will speak with two others, although he has not advanced their names, although he has clarified that “not to do fronts”.

In this regard, the president of Extremadura has reaffirmed that the Extremadura Regional Government will “negotiate”, after which he has defended that “the best way to have a fair financing model in Spain is to put an end to the fronts”, since As he has said, “it is not worth fighting the fronts when it comes to a community like Catalonia, and to be doing them in other places, it is not valid”.

He added that in this system “we do not have to talk so much about what or how, we have to talk about why we want a financing model”, if we want a health, an education, a better dependence, whether for culture or for living place. “Or do we want to say that some of us win and others lose? Because it gives me that the thing is going,” Vara said.

“In this country we have become accustomed to win for me, someone always has to lose, and I deny that,” said the president of Extremadura, who

Regarding the meeting held with Montoro, Fernandez Vara has moved that the Government “wants to simplify the model, wants to recover the Inter-territorial Cooperation Fund”, as well as establish two funds, one for fundamental services and another, and also wants to talk about the debt.

Faced with this situation, Vara has reported that in this meeting he asked the Minister of Finance to put a proposal on the table to begin to discuss, because “the longer it takes to put a proposal on the table, the more there will be,” and when there is a front in each point of Spain “this country will be ungovernable,” he predicted.

Conxa, teacher of prostitutes: "It's not no, even if you're a whore"

There is a place in Barcelona where a training course is given … peculiar, where terms such as “fellatio” or “whore” are habitual without the students being startled. There are usually about 20 women who attend driven by necessity rather than desire. There – the place varies by security – have found basic notions to start in prostitution .

And is that the secrets of many trades are acquired as an apprentice. Each sector has its modus operandi when it comes to training the inexperienced. But … and in sex? Who teaches a prostitute what the relationship with a client should be like? That’s what the association Aprosex (Barcelona), to which Conxa Borrell belongs, an escort with more than a decade of experience dedicated to teaching beginners, so that they do not learn based on mistakes, as happened to she.

The first was committed on May 29, 2006. “At my first meeting I went without a condom, of course, I had been married all my life, the last thing I thought about was taking them.” That anecdote was the first of many, always at the mercy of inexperience. Then the doubts arrived. For example, should you charge before or after? Do you have to pay taxes? How to treat a man with premature ejaculation?

It seems that the whores all we have to do is throw ourselves in a bed and open our legs 

In the clients she found, like so many other compañeras, her teachers. He had to “pull his good faith” to be every day better professional. “I was lucky,” he admits. “Do not say that, that’s dangerous, this better …”, they said. Hence the personal promise of years ago to do “a course” to prevent other women from learning with “trial-and-error”.

It seems that the whores the only thing we have to do is throw ourselves in a bed and open our legs, this is a job, it has its tricks”, says Conxa with determination and character a few days before the course Prostitution: basic notions for the celebrate professionalization , on Saturday, its tenth edition.

Tricks, as it counts, there are many, but the experience has also been worth to demolish myths. “That the client is always right is far from the truth, it is not no, even if you are a bitch, you have the last word, if I do not do a French without a condom, I do not do it.” She, in 11 years, has suffered an aggression: “It is not an insecure profession,” he explains, but you have to “have a couple of ovaries.” And that, precisely, is what he emphasizes in the classes of four hours that he leads and that he imparts according to the demand.

What is done in that course and in the ‘putinglish’

The agenda, for cis and trans people , addresses all kinds of issues, although knowing the pros and cons of the profession occupies several sections. “Why do I want to dedicate myself to prostitution?”, “Finance and Social Security”, ” marketing for sex workers” or “little and not so little tricks about sex” complete it.

The latter collects the practical part. For example, how to react to a customer “who does not stand up”, how to handle their situation or those who suffer from premature ejaculation … Also, stimulation techniques: “Nobody wants to have sex every day as not He wants to eat a plate of macaroons every hour, so we teach them how to stimulate themselves before they do not have to pretend, so they can learn to use their sexuality and their body. ” One of the most important issues is that the students see the work “from a business point of view”. “How to advertise, how to make a blog, how to register in Social Security , because, of course, you earn a lot of money, but you have to pay taxes …”.

How to advertise, how to make a blog, how to register in Social Security

In this sense, the Hetaria Collective, a Madrid association that goes hand in hand with Aprosex, explains to this medium the reasons why this course is important. And, they say, “there are many women” who come to “ask for advice, register as autonomous or to learn how to start up a website”. Therefore, consider the possibility of imparting it after summer in the capital if the “economic situation” allows it. “We have it pending, we have learned a lot from them [Aprosex] because women want to know,” they say.

In addition, the Barcelona association runs a putinglish course in parallel because “there are more and more tourists” in the city. “Moaning is the same in all languages,” explains Conxa, but some need to defend themselves in the face of a dinner or a meal. … or in bed. Know how to charge or master basic phrases like “do you want to do oral sex?”, “Did you bring condoms?” or “slower” are fundamental.

“If you’re not in a desperate situation you do not think about it”

"If you

The profile of the assistants of all these courses varies, but all share a common denominator: the need. “No one considers this work until it is in a very desperate situation,” says Conxa. This is the case of an unemployed mother and daughter. “They thought it was a good way to get out of the crisis.” The economic desperation was also the trigger for her, who began 11 years ago drowned by the debts inherited from her ex-husband . With the hourly countable salary he could not face the payments, and the 300 euros per hour of the escorts were difficult to refuse.

The putero is a very faithful guy. I’m not talking about husbands, but about puteros

Thus, on May 29, 2006 began its journey as an independent. But the lies, because of the stigma, grew around him. In fact, not giving the face made him meet an intimate friend of his father already in the room. “He had a wife, children and grandchildren, he was in shock, he told me to think about it, that he was not going to hurt me.” Then he went from acquaintance to regular customer. “The putero is very faithful, I speak of puteros, not husbands, it’s hard to find feeling, if they’re comfortable, they’ll stay with you.”

Conxa did not “come out of the closet” and told family and friends until 2010. He is not ashamed, on the contrary. Now, with about 15 regular customers -who receive 300 euros for the hour of relaxation and 150 for accompaniment-, she goes straight ahead and demands better working conditions for herself and her companions. For example, that may qualify for a sick leave. But until that is not so, he will continue with his personal struggle in Aprosex so that his knowledge does not fall on deaf ears and help him with those who need it.

What are the differences between the rescue of an entity, intervention and nationalization?

What are the differences between the rescue of an entity, intervention and nationalization?

Bankia, el Banco de España y la CAM

Bankia (left), the headquarters of the Bank of Spain (center) and the Savings Bank of the Mediterranean (CAM). 20MINUTOS.ES / AGENCIES

The injection of public money to Bankia planned by the Government and the Bank of Spain – could reach up to 10,000 million euros – is the last chapter of State aid to the financial sector.

Although the economic analysts and the specialized press do not hesitate to label this “rescue” aid, the Ministry of Economy reiterates again and again that the Bankia’s reorganization plan is nothing more than that, “a plan for reorganization, restructuring and improvement of corporate governance that guarantees its future viability “, and denies” categorically “in a statement released on Tuesday that it is an intervention.

On the basis that they are public aid, is it the same a rescue to a financial institution that an intervention or a nationalization? Juan Fernando Robles, director of the Higher Institute of Banking Techniques, tells that the main difference is in the “procedure” and that, for practical purposes, “it is a subtle difference”.


  • Rescue:

In the case of the public rescue to an entity, the Government is the one that contributes capital . Although it is the State’s task to supervise that bank or cashier, the degree of interventionism ends there, since the entity is left to keep private managers . According to the director of the Higher Institute of Banking Techniques, a rescue can be “more informal” than an intervention.

In addition, the rescue can be done in different ways: with public help -from the FROB- or from other entities. In any case, the State saves an entity “when it does not find in the private market who rescues it “, clarifies Juan Fernando Robles.

  • Intervention:

An intervention assumes that the Bank of Spain, the Government or the FROB -dependent of the Bank of Spain- ” take control of the entity and renew the board of directors because said entity does not have feasibility on its own”, explains Robles. The new managers of the entity are normally placed by the Government.

Another factor that defines an intervention is that it is usually accompanied by a series of normative breaches . “The intervention is governed by the Law of discipline and intervention of credit institutions, it is the legislation that regulates it ” says this expert, who adds that any other type of “aid” meets other regulations or more informal formulas.

There is another assumption, which is that a baco or a box has reached an insolvency situation : “In that case a nationalization would be made directly”.

  • Nationalization:

Nationalization is the takeover of an entity by the State. “It is not a proper intervention,” clarifies the director of the Higher Institute of Banking Techniques, but the State – through the FROB – gets the majority of the capital of the entity and in some cases they maintain the managers who had previously of its nationalization.

As in an intervention, shareholders lose their money, but “sometimes you do not want to resort to it -intervention-, because it would involve a disciplinary exercise by the entity,” Robles adds.

The nationalization of an entity is, therefore, a form of intervention, but in a “softer” way , according to Robles. And he gives a practical example: “CAM was intervened, while Catalunya Caixa was nationalized, in the latter case the management was maintained, the managers are the same, but the owner is the FROB,” he stresses.


In the case of Bankia, what is being considered is a change in management and an injection of public money – therefore, a “rescue” – through an instrument called convertible contingent bonds or coconuts .

These bonds do not stop being a loan of public money that would be converted into shares “if the financial institution is not able to find shareholders or resources to repay the loan,” says Robles. In that case, if the bank were not able to return the aid, the State would become a shareholder and, therefore, nationalization would be discussed.

So things, if the sanitation of Bankia and the injection of public money materialized through this type of bonds, as the Ministry of Economy said, this would mean that the door is being opened “to a nationalization of this entity” , says the director of the Higher Institute of Banking Techniques.

Aznar in The World; Rachida, in El País. Go subjects!


Is it a coincidence that Aznar is the subject that rules in the news of El Mundo and that Rachida , the French minister, sends in the same news but in El País ?

aznar 4 09 08 roto 4 09 08garzon 4 09 08


  1. >

    You can check that it is not his lover, but his sister or similar, in # and going to the post where he says: AND COMOOOOOO IS EEEEL, IN WHICH PLACE HE WILL LOVE YOU, …. or something like that. They are CLAVEDITOS of each other.

    05 September 2008 | 06:40

  2. >

    fuck … and no news of the crisis, no news of the Chiringuito de Chavez, no news of the chiringuito de la bibiana, even if it is a zen … it is normla where it comes from … and you come over what Aznar fucks, or does not fuck in the privacy … between Catalan speaking or not? and to pay attention to a Moroccan newspaper, it's better … speak, of Aznar … do not publish anything, but I publicly decree, that I have fucked, the angelina, the cameron, the keyra … and that all came out dumando a purito Montecristo … In Spain has never lived better …

    05 September 2008 | 09:40

  3. >

    Country of goalkeepers, we must see the extramarital lios that have been charged to Aznar, why it will be ?,! Ains! the progressive press … in the end the most reactionary and sensationalist. And then they go serious!

    05 September 2008 | 09:59

  4. >

    The most accurate assessment of the Zapatero government's performance has been brilliantly summed up by Professor Velarde, teacher of several generations of economists: "in the days of fat cows, everything possible was done to make the lean times come". Skinny cows that will be deeper and longer than people think, and that, in addition to other crises, will affect the consumption of families and the welfare of the population. Worse yet, our economy has not adapted at all to globalization, we have already lost 25% of our foreign quota, and we are going in the opposite direction, which together with the insane State of Autonomies, with a level of expense, waste and corruption, unaffordable by any country, we have begun a process of economic decline relative to most of the developed world, of unpredictable duration and consequences. And to understand these facts, whether we like it or not, frame our current reality, a form of explain them, is to describe some of the great lies of the crisis, which in chronological order, could be summarized as well. a) Throughout the legislature, nothing was done at all. The fundamental imbalances grew exponentially and not a single structural reform was undertaken. The unlimited availability of credit at negative interest rates, and the abundance of cheap labor, a consequence of uncontrolled immigration, would allow for a high growth of a third-world nature, and as such, with a medieval distribution of income and wealth created. 60% of families would lose real income, and the compensation of employees as part of GDP would plummet from 48.4% in 2003 to 46.5% in 2007, the lowest figure in all of Europe. ) At the beginning of 2007, the economy had reached its inflection point, and the imbalances, particularly the external one and the indebtedness of families and companies, were simply unsustainable. This was clear and meridian, and this is what some of us (the anti-patriots) have said, asking for the government to act. Also, all the major world media predicted the bursting of the housing bubble and "a long period of shadows" (Bloomberg). But since pessimism does not create jobs, Solbes and the Bank of Spain (BdeE) not only did nothing, but instead engaged in cheating citizens. The most serious, perhaps, was the incredible assertion that indebtedness was not important, as it was more than compensated by the wealth effect derived from the revaluation of the assets acquired.c) In August, the financial crisis would notably accelerate the fall of the real economy. The response from Solbes and BdeE was simply insane, "the financial crisis does not affect us" and "we have the most solid financial sector in the world". How a global financial crisis was not going to affect the most indebted country in the world ?, and Regarding the supposed solidity of the financial sector, a system that has massively granted long-term loans with a chilling irresponsibility, backed by assets that do not cover even half of what is due, and financed with short-term loans, is a mega foolishness that would have bankrupted more than half of the sector, but for the massive help of the ECB, about 46,000 million euros in the last twelve months, more than double, in relation to the size, of what is receiving the North American financial sector of the Federal Reserve. That the system had specific reserves of about 30,000 million euros, was the chocolate of the parrot, will only serve to cover for a short time the delinquency of the families, but there is not even to start with the Spanish subprime, the debt of developers that amounts to 300,000 million euros, and where the majority can not return a cent. Financial entities have been quick to change the shares they have as collateral-equity swap-for carefully selected assets, and the question is how long will these realtors take to suspend payments when the process ends, and what will be left to them? suppliers and small shareholders after running out of sirloin ?. However, the biggest shortcoming of the financial system are the maturities, since they owe 900,000 million euros abroad, excluding the ECB, since it has no more noses to refinance. D) Only four months ago the BdeE and the government affirmed that 2008 It would close with a surplus of the order of 1%, something that was then really obscene. For now, and the worst is missing, the State deficit is 1% and in municipalities and autonomous communities the situation is dramatic, and this despite the strong increase in tax pressure on the working class and the middle class derived from the increase in inflation, VAT and IRPF, which augurs the next rise of many taxes. It is an absolute irresponsibility that Solbes, who lacks the resources to finance the proper functioning of State institutions, promises to them a money that neither has nor will it have.) Unemployment is growing exponentially, and the percentage of young unemployed, 24, 8% is the largest in the entire eurozone. For the first time in almost 50 years, the Spaniards return to Europe to emigrate-vintage, apple, etc.-in order to survive.f) Finally, the great scam to the working class, the supposed social bias of the government's economic policy. Apart from the medieval distribution of income and wealth created, quantified by Julio Alcaide and other statisticians, Spain is the only country in Europe where "social effort" has decreased, that is, social spending as part of GDP, of the 14th, 4% in 2003 to 14% in 2007, and in social spending "per capita", Zapatero has placed us at the tail of Europe, and with an impressive deterioration of health, education and essential social services. And as the icing on the cake, although this essentially affects the middle class, Social Security is broken, in this Solbes is infallible, and reform is essential – pay more and charge less to maintain its viabilityIn short, our economy has a dynamic and a completely new, structural and long-lasting crisis pattern. It will take years of adjustment very hard and totally incompatible with the current State of Autonomies that is infinite. Therefore, instead of wondering when an impossible recovery will occur, what is relevant is just the opposite: how far will the collapse go? And what will be the next sectors to fall? Half of the financial, Social Security and public accounts, are three safe bets. (*) Roberto Centeno, Professor of Economics at the School of Mines of the UPM.

    05 September 2008 | 10:24

  5. >

    Jose M., No doubt you lack faith in the president. If you remember, just a few months ago, in the electoral debates, it was presented with the 'White Book' that contained irrefutable data that the Spanish economy was 'Superbien', and that in six months (that is, in September 2008) and would have disappeared any shadow of doubt about the economy … .. except for the unpatriotic, of course. If everything Zapatero said in the electoral debates and in the electoral campaign was a lie, sure that JAMS, that does not support that politicians lie to us and that's why he continually recounts to the trio pinocho, he would be telling us. The silence of JAMS is proof that everything is going excellently and that as Pepiño Blanco says "we live better than ever" …… Well, less the HALF MILLION OF NEW STALLS … .. but that who cares?

    05 September 2008 | 10:59

  6. >

    In Spain there is no economic problem, the only thing there are cultural problems because of our retrograde inheritance-paleofascist-masonic-nosequemas.Por example, there is no problem with housing, but with the "culture of property" and the "Rent culture". The 'Good Worker' must adapt to the culture of rent, that is, to renounce being the owner of his house (which, obviously, will remain the property of someone, but not the worker), and accept that he must pay an income for life to live under an owner's roof. Or, for example, the "work culture". The 'Good Worker' must renounce the desire to have a stable and well-paid job. This desire for possession of work, like that of property, is inculcated by despicable liberal capitalists. Instead, they must aspire to be worthy of subsidies and grants that guarantee them to live (and pay the rent for life to the owner of their home), or at least subsitir.In short, there is no problem with the economy (except for the Extremists and coup leaders), is only a cultural problem of the working class that does not resign itself to its status as a worker.

    05 September 2008 | 11:09

  7. >

    Zapatero's advisors: 656 cost to the state of 28 million euros.164 graduates or graduates.47 graduates or graduates.233 high school graduates or similar.146.66 without studies. The category of government, is summarized in seeing who is around … nullity, absolute.

    05 September 2008 | 11:29

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What if Bankia is not helped?

What if Bankia is not helped?

  • The experts agree that, if it were really necessary, Bankia would have to be rescued, since bankruptcy of the entity would have worse consequences.
  • In the worst case, that of bankruptcy, savers would only recover up to 100,000 euros from their deposits, on account of the bank guarantee fund.
  • Bankia will receive an injection of public money (up to 10,000 million).

One of the emblematic buildings of Bankia. GTRES

The Spanish Government and the Bank of Spain finalize a plan to clean up Bankia’s accounts by injecting public funds. For this, the entity could receive public money, in an amount of between 7,000 and 10,000 million euros , on account of the Fund for Orderly Bank Restructuring (FROB), a body dependent on the Bank of Spain.

After knowing this news a good part of the citizenship was outraged by the fact that it is again public money that is used to “help” a financial institution . More, when the previous day it was learned that Bankia intended to propose to the general meeting of shareholders the distribution of a dividend of 152 million euros charged to the results of the year 2011, which showed an attributable profit of 304 million euros. So, why do we have to rescue Bankia? And if you do not inject money, what happens?

In the first place, it is worth asking how this situation has been reached. For Javier Morillas, professor of Applied Economics at the University of San Pablo-CEU, is a problem that comes from far: “There is a root wrong and is that they have not let fail other small banks , because if that had been done, there would be served as an example and illustration for the behavior of the managers of other boxes “.


It is a very popular box and its fall could create panic And is that much of the controversy produced by the alleged rescue comes from the bad image that citizens have of banking. “We have seen how embarrassingly they have been continuing (bank managers) with salaries outside the market and little in accordance with the situation of their entities, with agreed outputs , etc,” says the professor.

Regarding whether Bankia needs to be cleaned up, the experts seem to agree that it would be necessary to prove that it is really necessary. “If you had acted before, you could have softened the problem,” says Morillas, but “now Bankia is one of the most important entities in Spain and its fall would be a very negative knock , not only in the country, but abroad” .

In that line, Luis Puch, professor of Economic Analysis at the Universidad Complutense, thinks. “In the short term, the collapse of an institution as important as Bankia has an impact on credit and how the financial life of huge people is managed, not only in Bankia, but in other entities, ” says Puch, who adds that “in any case time is gained, which is also fundamental”.

By reorganizing the entity would avoid “uncertainty for depositors (savers.) It is a very popular box and create a panic that could involve the movement of money to other branches.” But above all the negative would be the image that would be given in the banking sector and abroad, “says Morillas.

What if Bankia goes bankrupt?

What if Bankia goes bankrupt?

“That does not arise, in the sense in which people understand a bankruptcy, it is unthinkable,” says Luis Puch. “You have to juggle and if you have to lose money, you would have to make a ranking , the shareholders would lose a little, the taxpayers a little bit, the investors in enough assets and the small depositors in principle nothing,” the professor notes.

However, in the worst case, in the case of the final bankruptcy, depositors (savers or customers) who had more than 100,000 euros deposited in the entity would lose all the money they had above that amount and depositors less than 100,000 euros would be charged from the bank guarantee fund . In 2008, under the Government of the PSOE, rose from 20,000 euros to 100,000 euros per owner and entity that deposit guarantee.

The most affected would be the shareholders: “Those who have bought shares thinking that Bankia could be a business, would not have benefits,” says Javier Morillas.

It is not a matter of yes or no, it is a question of numbers Mortgages and loans are among the assets of an entity, so that if Bankia broke the Bank of Spain would intervene these loans , although “it is normal to go to auction and it is another entity that assumes them, but this is difficult in the current situation, “explains Morillas.

What is unclear is whether taxpayers earn anything by using public money to bail out an entity like Bankia. “If what is done is sensible, the state becomes a shareholder and in the medium term maybe that would have some use”, Puch ventures, recalling that “it is not a matter of yes or no, it is a question of numbers: how much money Can it be put? Is it worth putting it on? ” The professor believes that “someone will have to endure losses, we will see how many and if a part of that loss should be everyone’s money”.

Does the Government have control over the money that will be lent to Bankia to avoid situations of the past such as commissions for profits or millionaire compensation to the directors? The answer is hopeless. In Puch’s opinion, “any step in that direction makes sense, but the possibilities that the administration has to control those things are limited, it’s difficult to intervene in those things.” Of course, “contracts should be very clear, that there will be people who take the little money that remains,” sentence.